The challenges of technological transformation in companies

Security, the lack of skills within the company itself and the promotion of collaboration are three challenges that technological innovation managers in companies identify today and, according to them, will remain in 2020.

We have experienced the deepest global crisis since the Great Depression. Among the things that have changed – perhaps for good – is the way the financial sector now acts at a global level to manage both credit and reputational risk. This has coincided with what amounts to a genuine explosion in technology, which has undoubtedly only just begun.

According to a survey conducted in six European countries by Claranet Research Report 2015 on IT Innovation in Europe, evidence of this constant transformation can be found in the increase in budgets. In 2016, CTOs estimate that theirbudgets will grow by 4%.

These are the main roles that need to be played by technological innovation processes:

1. Data security (56%)

2. Provide technology support to the rest of the company (38%)

3. Cost reduction in companies (34%)

4. Acquisition of new technologies (31%)

5. Improve business agility (29%)

5. Big data analytics (26%)

In the next five years data analytics is expected to become the main function of these departments, accounting for 34%, and the second most demanded technological innovation function.

However, even though most companies are aware of the importance of the IT department for development and 84% of them expect a “radical change” at operational level aimed at strengthening these departments, IT managers point out that the “challenges, roles and skills” will remain the same in the coming years.

“Despite the expected increase in budget, there is still a lack of understanding between the organization and the IT department”.

Trust has always been one of banking’s biggest values, but in the 21st century where digital is the prevailing theme, trust has become even more central to the conversation, BBVA Global Head of Security Architecture Juan Francisco Losa said in an address at American Banker’s Cybersec conference in New York City this week.

Regulators, technology providers and experts analyzed the role of cloud computing in the development and consolidation of digital banking during the Latin American Regulators seminar organized by BBVA Bancomer and the IDB.

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